A new bylaw could help spark development — Drayton Valley plans to offer a four-year property tax break for qualifying projects.

Drayton Valley is looking to entice commercial developers to build in the community with a proposed new Business Incentive Bylaw.

Jocelyn Whaley, the CAO for Drayton Valley, presented the bylaw to council at their June 4 meeting, where it received its first reading.

The purpose of the bylaw is to encourage commercial contractors to invest in the community through developing property, expanding a building, or undergoing a significant structural renovation of a current building. If those developers can increase the value of the property by 25 percent more, they would qualify for some property tax incentives.

“Once they have completed their renovation or expansion, we would have the assessor and do an assessment,” says Whaley.

As the bylaw currently stands, those who do increase their commercial property value to that threshold will get a break on their taxes for four years. They could be eligible to receive 25 percent off of the taxes for the new portion of the municipal property taxes. It will not apply to the Education Tax Requisition portion of the taxes.

Whaley says it’s important to note that this incentive is not currently available for residential developers. It’s also not available to residents or landowners who wish to complete renovations in their homes.

“We’re looking at different ways we can offer incentives to residential [development], but it is a far trickier category,” she says.

Whaley says if the bylaw is passed this incentive will offer opportunities to landowners who have undeveloped property that is zoned for commercial or industrial facilities.

“Maybe if you do something with it, and build something on it, like a commercial property or an industrial property, then you’re going to get a bit of a break,” says Whaley. “You’re not going to have to pay all of those taxes all at once, it’s going to go up slowly over time.”

Much of the land that Drayton Valley annexed in 2010 and 2011 remains undeveloped, but the Town hopes this incentive can generate some interest in developing some of that property.

Whaley says the Town wants to hear from community businesses regarding this bylaw. A public hearing has been scheduled for July 2 at 9 a.m. Those who wish to give their thoughts but can’t attend the meeting can send in letters or attend the hearing online.